Ava Protocol, formerly known as OAK Network, has successfully concluded a $10 million seed funding round, consisting of an initial $5.5 million round followed by an additional $4.5 million in seed+ funding. The objective of this funding is to advance Ava Protocol’s mission of developing an intent-centric, event-driven Eigenlayer AVS to enable private autonomous transactions on Ethereum and other platforms.
The recent seed+ funding round saw the participation of notable investors including Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, and Shima Capital. These investors join an impressive list of earlier seed backers, such as Sandeep Nailwal, the founder of Polygon, as well as Greylock, Foundation Capital, and GSR.
Founder of Ava Protocol, Chris Li, expressed appreciation towards the investors, stating, “We are thankful to our seed and seed+ investors for believing in our vision of introducing composable autonomous transactions to Web3. We are certain that their trust will be rewarded as we progress towards our mainnet launch and onboard additional ecosystem partners who will demonstrate the efficiency introduced by Ava Protocol’s super-transactions for payment and smart contract data.”
Strategic Vision and Technological Innovation
Ava Protocol is dedicated to developing fundamental Web3 infrastructure for intent-based private autonomous transactions. The platform facilitates cross-chain smart contract automation, enabling contracts to be executed when specific conditions are met based on variables like time, price, or computation. This feature has a broad range of practical applications, from executing limit orders on decentralized exchanges to managing elastic supply tokens.
Sam Shev, Head of Marketing at Ava Protocol, emphasized the significance of the seed investment, mentioning, “With the support of our seed investors, we are well-positioned to onboard additional partners who will be the first to utilize Ava Protocol’s Eigenlayer AVS. We are excited to explore the various ways in which developers will leverage this technology to unlock new use cases across DeFi, gaming, insurance, automated trading, and more.”
Jerry Chen from Greylock, an early seed round investor, commended Ava Protocol’s innovative approach, stating, “We were impressed with Ava Protocol’s solution for enhancing blockchain payments from basic one-time events to complex streams that can cater to a wide range of use cases while simplifying the process for dApp developers. There are numerous practical applications for Ava Protocol’s payment technology, and we are eager to witness its impact on sectors like DeFi, NFTs, and RWAs.”
Future Prospects and Partnerships
Ava Protocol has made significant progress with its testnet, attracting over 10,000 unique wallets and conducting more than 1,000 automated transactions daily. The high activity on the testnet indicates strong interest and engagement from the Web3 community. Additionally, Ava Protocol’s technology supports recurring and automated “super-transactions” for Ethereum without requiring custom code.
This significantly reduces the time to market for Web3 applications and provides private automation for any transaction or smart contract function. Developers can concentrate on their core competencies while benefiting from transaction simplicity similar to Stripe’s payment processing. The protocol has secured commitments from over 30 ecosystem partners who are developing dApps utilizing Ava Protocol’s private payment technology.
Noteworthy product partnerships with Polkadot, Moonbeam, and Astar further reinforce Ava Protocol’s foundation, fostering adoption and implementation of its autonomous transactions. Ava Protocol is positioning itself as a key player in the Web3 infrastructure domain, offering innovative solutions for cross-chain automation. By enabling composable autonomous transactions, Ava Protocol empowers developers to swiftly deploy robust dApps, enhancing efficiency and user-friendliness across the Web3 landscape.
The $10 million seed funding, backed by a diverse group of investors, is poised to drive Ava Protocol towards achieving its ambitious objectives. As the protocol progresses towards its mainnet launch and expands its ecosystem, it stands at the forefront of the next wave of blockchain innovation, propelling the evolution of autonomous, intent-based transactions.
